Liquid fuels are still difficult to replace and while their reliance will be reduced as they get supplemented by biofuel and electrical energy sources, it will be a number of decades before they are phased out completely.
The prices of oil and gas will be perpetually lower for the foreseeable future as fracking will gradually open up more sources of cheap production, while demand slowly falls with the adoption of more renewables.
Better renewable energy technology and sources will eventually replace the use of oil as a combustible fuel but this will free it and other sources such as coal to be used to produce more sophisticated carbon products, hydrocarbons and polymers making it a feedstock rather than a fuel.
Finally, the ability to chemically synthesise oil and gas from more types of natural materials will blur the line between renewable and fossil fuels to the extent where it becomes a forgotten issue. The ability to synthesise these products will mean that even fossil fuels can be readily replaced so the market will drive the source again.
– Michael Martella, CEO, Anergy